Amer Group IPO ‘possible’ this year

Cairo, June 24, 2010

Egyptian real estate firm Amer Group may do an initial public offering (IPO) this year, an executive at its adviser said, which would make it only the country's second since the global financial crisis struck.

'We are advising them on a potential IPO for the end of this year. Before end of year, hopefully,' said Khaled Gamal, an EFG-Hermes investment banking executive, on Thursday, adding the firm had yet to decide on the size of any offering.

Amer Group has developments in Cairo and on Egypt's Red Sea and Mediterranean coasts. It also has projects in the early stages in the UAE, Syria and Saudi Arabia. – Reuters